LEL - The Sleeping Giant, page-270

I would imagine results of Hole #2, #4 and #5 will be announced at the same time of the maiden JORC announcement, otherwise if the results are presented first, the maiden JORC would be implied. Not that I care, as I trust that MRE will be a bare minimum of 2Mtn LCE (indicated or inferred depending on the expert interpretation, and I can tell our consultant is the most strict, hence credible one). My fair estimate is highly likely over 3Mtn. Surely LEL will include Hole #2 results too, depending on grades this can add another 1Mtn on top as it covers a good acreage. So even reaching 4Mtn still a possibility, very likely as well. Whether is 2, 3, or 4 M tn will propel LEL into the M&A games.

I would also imagine, LEL might want to release prelim result for Hole #6 before MRE, as this will prove continuity, which is very important and supportive that those indicated/inferred numbers are valid.

Next Monday Hole #6 is 200m (starting on Deep Sand imo), the following Monday at 300m depth, well into the deep sand. Give a week to announce lithology, and I reckon MRE can drop any day from W/C 15/06. Report must be already 80% written, and given it is an interim JORC they might get away with some assumptions being conservative..?.

a 2 Mtn resource is already bigger, and better quality, and better placed than the 2 most recent acquisitions/offers in 2023, which are going for ~ US$ 200M.

A 2Mtn resource (approved by Murray Brooker) supports with confidence a 20-40ktpa LCE plant. That means business for any size player in the Li industry.